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Brady takes a back seat at beleaguered Amvescap

CHARLES BRADY, the long-serving head of Amvescap, Britain’s biggest quoted fund-management house, is preparing to step down as chief executive and become non-executive chairman.

The move, which has been signalled internally, comes as Amvescap’s share price dropped 4% last week to an eight-month low. The fund manager owns Invesco Perpetual in Britain.

Concerns are mounting about its first-half results, set to be published next week. There are also fears that the firm will be hit by a $300m fine from an investigation in New York being led by Eliot Spitzer. Last week, the stock was the FTSE 100’s worst performer.

Brady, who has been executive chairman of Amvescap for nearly 10 years and a director since 1986, will be 70 next year. He has been an investment manager since 1959.

Although he is credited with rescuing Amvescap from hefty losses after the Robert Maxwell scandal at the beginning of the